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Peak Resources discovers fluorite mineralisation at Ngualla

Published: 13:30 01 Feb 2017 AEDT

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Rock samples returned high grades of up to 96% fluorite

The geological mapping, collection and analysis of 65 rock samples to date has identified fluorite mineralisation within a breccia zone.

The mineralisation can be traced over a strike length of 3.8 kilometres within a broader alteration zone.

Importantly, rock samples returned high grades of up to 96% fluorite and 4.54% rare earth oxide (REO).

Of the 65 rock samples collected within the breccia zone, 23 returned assay values above 40% fluorite and 17 above 1% REO.

Peak is on track to complete the bankable feasibility study for the Ngualla Rare Earth Project late in the first quarter or early second quarter of 2017.

Ngualla is one of the world's highest grade undeveloped projects for neodymium and praseodymium.

The project has a mine life of 31 years, based on just 22% of the mineral resource of 18.4 million tonnes at 4.89% REO.

The latest discovery of fluorite mineralisation reinforces the potential for supplementary value added commodities that may allow Peak to diversify the operations at Ngualla.

The company will continue to assess the economic potential of other commodities which include phosphate, niobium and barite as well as fluorite.

Preliminary trenching and sampling is planned to define the width and continuity of the fluorite mineralisation identified to date, together with initial mineralogical studies.

Peak’s share price has increased by about 14% since the beginning of this year, last trading at $0.075.

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